Bad Gambling Losses
2021年7月22日Register here: http://gg.gg/vh95t
It’s been a while since I’ve listed out the bad states for gamblers. Here’s an updated list. Make sure you read the notes because while all of these states have tax systems that are problematic for gamblers, some impact amateurs while others impact professionals. Note that I do not cover the laws that impact gambling here (such as Washington State’s law that makes online gambling a Class C felony).
*Irc Gambling Losses
*Gambling Losses Tax Write Off
*How To Recover Gambling LossesIrc Gambling Losses
Connecticut [1]
Hawaii [2]
Illinois [1]
Indiana [1]
Massachusetts [1]
Michigan [1]
Minnesota [3]
Mississippi [4]
New York [5]
Ohio [6]
Washington [7]
West Virginia [1]
Wisconsin [1]
*Gambling Losses May Be Deducted Up to the Amount of Your Winnings Fortunately, although you must list all your winnings on your tax return, you don’t have to pay tax on the full amount. You are allowed to list your annual gambling losses as an itemized deduction on Schedule A of your tax return.
*Gambling harm isn’t just about losing money. It can affect how you feel. We know it can be hard but talking about it means you can start to feel better. Here are some real life stories of people who opened up and talked about the harm they were experiencing and got the support they needed.
*Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on your return. The deduction is only available if you itemize your deductions. If you claim the standard deduction, then you can’t reduce your tax by your gambling losses.
If you lose money gambling, you might be able to deduct it on your tax returns. However, before you can claim the deduction, you’ll have to meet two important requirements. First, the IRS will want you to itemize all of your deductions. Second, you can only deduct gambling losses. Casino gambling harms families, exploits the poor and financially desperate, worsens state budgets, raises crime, and deceives the public. Gambling creates social and economic costs that ruin lives, families, businesses, and communities. But gambling operators don’t pay for the harms they cause families, businesses, and communities.
NOTES:
1. CT, IL, IN, MA, MI, WV, and WI do not allow gambling losses as an itemized deduction. These states’ income taxes are written so that taxpayers pay based (generally) on their federal Adjusted Gross Income (AGI). AGI includes gambling winnings but does not include gambling losses. Thus, a taxpayer who has (say) $100,000 of gambling winnings and $100,000 of gambling losses will owe state income tax on the phantom gambling winnings. (Michigan does exempt the first $300 of gambling winnings from state income tax.)
2. Hawaii has an excise tax (the General Excise and Use Tax) that’s thought of as a sales tax. It is, but it is also a tax on various professions. A professional gambler is subject to this 4% tax (an amateur gambler is not).
3. Minnesota’s state Alternative Minimum Tax (AMT) negatively impacts amateur gamblers. Because of the design of the Minnesota AMT, amateur gamblers with significant losses effectively cannot deduct those losses.
4. Mississippi only allows Mississippi gambling losses as an itemized deduction.
5. New York has a limitation on itemized deductions. If your AGI is over $500,000, you lose 50% of your itemized deductions (including gambling losses). You begin to lose itemized deductions at an AGI of $100,000.
6. Ohio currently does not allow gambling losses as an itemized deduction. However, effective January 1, 2013, gambling losses will be allowed as a deduction on state income tax returns. Unfortunately, those gambling losses will not be deductible on city or school district income tax returns, so Ohio will remain a bad state for amateur gamblers.
7. Washington state has no state income tax. However, the state does have a Business & Occupations Tax (B&O Tax). The B&O Tax has not been applied toward professional gamblers, but my reading of the law says that it could be at any time.
*This topic has 414 replies, 42 voices, and was last updated 3 days, 23 hours ago by .123…262728→Gambling Losses Tax Write Off
*
Hey eveybody I just decided to join this today. Have never used anything Like this before so I will just break down my story. I have been gambling for 10 years on and off since I was 18, as soon as I became legal to enter the casino in my city. I am 28 now. My gambling is on and off. I had stopped for about 6 years and when my ex gf and I took a trip to Las Vegas in 2014 it came out again. I knew going there was a bad idea but i went anyways, I left her in the hotel one day and gambled all day and all night long , maxed out a 5000$ credit card and didn’t even have money to pay for my baggage on the way back, back in 2014 5000$ was a lot of money to me And I was devistated as it put me in credit card debt. she was super ashamed and worried of me and saw I had a problem. When I got back to my city I went right back to the casino and started Gambling more all week, I had lost another 4-5000$ and when I went into work my manager saw I was distraught , she asked what’s wrong and I opened up to her. She and I went to the casino that day and banned myself for 5 years. Self ban until year 2020. I felt relieved yet still ashamed and self hatred as I was in a bunch of debt. Fast forward to 2017 my ex and I went to Las Vegas again for our anniversary and I had been gamble free for nearly 3 years. It came out of me again there but It wasn’t in large amounts tis time, won 700$ first day, lost it all the third day plus a few hundred of my Own. Still felt that feeling of pain of a loss i guess because it had been years since gambling. So I get back to my city and of course I can’t gamlbe here because I am banned. Fast forward to 2018 my gf and I break up and I blow through 40k of savings I have worked so hard to save not from gambling but I travel and go party as a single guy now after 5 years and start thinking I’m a millionaire because I have some savings. I take nearly a year off and now I have a beard, so I think maybe they won’t recognize me. Surely i try my luck and I get in, I win 1000$ and I stop for a couple of weeks. Then the worst things happens, my friend invites Me to vegas for labour day weekend. I tell myself don’t go you will gamble there but I go Anyways. first night I break even , second night I win 3500, lose it all the same night, third day I go in a hole lose around 5000, fourth and last day I win 10k, super happy I have to catch my flight in a few hours have 10k in my pocket My trip is payed for and I have some priofits, my friend says let me hold your money you will go lose it i know it. I don’t listen to him and I go lose the 10k in 30 minutes of roulette, feel like complete scum again. So I get back home what do I do I go to the casino which I am banned from, and it spiral out of control, they don’t recognize me with my beard, I start going everyday. Skippping class to gamble, stop working out, lying to family and friends . I became numb to it. I used to get upset When I lost 500$, and fast forward to playing 500-1000$ hands of blackjack or spins of roulette. So I would go in and win 1000-5000$ per trip, then I would lose that much the next day or more , I was going up, down, down. Up. The wins kept me going back. So I tracked all of my gains and losses. One day I lost 15000 and I was devistated, I was gambling with my line of credit. I had to keep chasing and I got it down to -5000 a couple times, and then I stopped for 2 weeks. My sister and family was really proud of me. After 2 weeks I got the urge again and I went one night and won 1200$, I left because I said I don’t wanna feel that feeling of giving it all back. I went back couple days later and won 1500, again I left and went next day won 1600, then again 2 days later won 5000$. I was on cloud 9. I finally got back that 15000$ loss with a bit of profit, and I was so proud I told myself you did It. You got it back ! Now don’t go again , use this as a lesson that you got your money back, have savings again and not a lot of people are able to get back a loss. So few days go by until Saturday night i get off work and I have the urge to go back. Tell myself have a bankroll management , you’ve done well this week . Take a bit if profits once you’re up. Well. you all know what happens next, I never went up. I lost 6000 in less than 30 minutes, waited until midnight till I caj withdraw more . Took another 2000 climbed back up to 4000 so minus 2500’on the day, should have walked. Got greedy lost it all so 8000 on the day. In less than one hour. Walked out so ashamed as always self hate beating myself up how can I do this. I had gotten my loss back and was so proud and I gave it all back again. Of course woke up in the am took another 1000$ and climbed up a bit just to lose it all. Finally went up to the front of the casino I had enough I told the guy listen I am banned right now and I’ve won and lost over 50k this month I need you guys to re take pics of me within my beard because I am supposed to be banned right now. They did. I feel now a weights lifted off my shoulders but I am so ashamed how bad it got, how much money I’ve won and lost, how I will never see the $ again and how hard it will be to save all what I’ve lost working. I became numb. Insensitive . I wasnt even excited when I was winning anymore , the value of a dollar was gone. 1000$ hands of blackjack , like I was a millionaire. I am now starting from scratch financially but all I can think is at least I am not in debt. But still really hard to swallow what ive done this past month . My family is devistateD, my friends don’t understand my addiction . I guess I just needed to get my story off my chest. With hopes there is others who can relate to this. Maybe I needed to lose it all and re ban myself , because if I had kept winning, I would have kept gambling. And know I would just give it all back eventually.
It’s been a while since I’ve listed out the bad states for gamblers. Here’s an updated list. Make sure you read the notes because while all of these states have tax systems that are problematic for gamblers, some impact amateurs while others impact professionals. Note that I do not cover the laws that impact gambling here (such as Washington State’s law that makes online gambling a Class C felony).
*Irc Gambling Losses
*Gambling Losses Tax Write Off
*How To Recover Gambling LossesIrc Gambling Losses
Connecticut [1]
Hawaii [2]
Illinois [1]
Indiana [1]
Massachusetts [1]
Michigan [1]
Minnesota [3]
Mississippi [4]
New York [5]
Ohio [6]
Washington [7]
West Virginia [1]
Wisconsin [1]
*Gambling Losses May Be Deducted Up to the Amount of Your Winnings Fortunately, although you must list all your winnings on your tax return, you don’t have to pay tax on the full amount. You are allowed to list your annual gambling losses as an itemized deduction on Schedule A of your tax return.
*Gambling harm isn’t just about losing money. It can affect how you feel. We know it can be hard but talking about it means you can start to feel better. Here are some real life stories of people who opened up and talked about the harm they were experiencing and got the support they needed.
*Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on your return. The deduction is only available if you itemize your deductions. If you claim the standard deduction, then you can’t reduce your tax by your gambling losses.
If you lose money gambling, you might be able to deduct it on your tax returns. However, before you can claim the deduction, you’ll have to meet two important requirements. First, the IRS will want you to itemize all of your deductions. Second, you can only deduct gambling losses. Casino gambling harms families, exploits the poor and financially desperate, worsens state budgets, raises crime, and deceives the public. Gambling creates social and economic costs that ruin lives, families, businesses, and communities. But gambling operators don’t pay for the harms they cause families, businesses, and communities.
NOTES:
1. CT, IL, IN, MA, MI, WV, and WI do not allow gambling losses as an itemized deduction. These states’ income taxes are written so that taxpayers pay based (generally) on their federal Adjusted Gross Income (AGI). AGI includes gambling winnings but does not include gambling losses. Thus, a taxpayer who has (say) $100,000 of gambling winnings and $100,000 of gambling losses will owe state income tax on the phantom gambling winnings. (Michigan does exempt the first $300 of gambling winnings from state income tax.)
2. Hawaii has an excise tax (the General Excise and Use Tax) that’s thought of as a sales tax. It is, but it is also a tax on various professions. A professional gambler is subject to this 4% tax (an amateur gambler is not).
3. Minnesota’s state Alternative Minimum Tax (AMT) negatively impacts amateur gamblers. Because of the design of the Minnesota AMT, amateur gamblers with significant losses effectively cannot deduct those losses.
4. Mississippi only allows Mississippi gambling losses as an itemized deduction.
5. New York has a limitation on itemized deductions. If your AGI is over $500,000, you lose 50% of your itemized deductions (including gambling losses). You begin to lose itemized deductions at an AGI of $100,000.
6. Ohio currently does not allow gambling losses as an itemized deduction. However, effective January 1, 2013, gambling losses will be allowed as a deduction on state income tax returns. Unfortunately, those gambling losses will not be deductible on city or school district income tax returns, so Ohio will remain a bad state for amateur gamblers.
7. Washington state has no state income tax. However, the state does have a Business & Occupations Tax (B&O Tax). The B&O Tax has not been applied toward professional gamblers, but my reading of the law says that it could be at any time.
*This topic has 414 replies, 42 voices, and was last updated 3 days, 23 hours ago by .123…262728→Gambling Losses Tax Write Off
*
Hey eveybody I just decided to join this today. Have never used anything Like this before so I will just break down my story. I have been gambling for 10 years on and off since I was 18, as soon as I became legal to enter the casino in my city. I am 28 now. My gambling is on and off. I had stopped for about 6 years and when my ex gf and I took a trip to Las Vegas in 2014 it came out again. I knew going there was a bad idea but i went anyways, I left her in the hotel one day and gambled all day and all night long , maxed out a 5000$ credit card and didn’t even have money to pay for my baggage on the way back, back in 2014 5000$ was a lot of money to me And I was devistated as it put me in credit card debt. she was super ashamed and worried of me and saw I had a problem. When I got back to my city I went right back to the casino and started Gambling more all week, I had lost another 4-5000$ and when I went into work my manager saw I was distraught , she asked what’s wrong and I opened up to her. She and I went to the casino that day and banned myself for 5 years. Self ban until year 2020. I felt relieved yet still ashamed and self hatred as I was in a bunch of debt. Fast forward to 2017 my ex and I went to Las Vegas again for our anniversary and I had been gamble free for nearly 3 years. It came out of me again there but It wasn’t in large amounts tis time, won 700$ first day, lost it all the third day plus a few hundred of my Own. Still felt that feeling of pain of a loss i guess because it had been years since gambling. So I get back to my city and of course I can’t gamlbe here because I am banned. Fast forward to 2018 my gf and I break up and I blow through 40k of savings I have worked so hard to save not from gambling but I travel and go party as a single guy now after 5 years and start thinking I’m a millionaire because I have some savings. I take nearly a year off and now I have a beard, so I think maybe they won’t recognize me. Surely i try my luck and I get in, I win 1000$ and I stop for a couple of weeks. Then the worst things happens, my friend invites Me to vegas for labour day weekend. I tell myself don’t go you will gamble there but I go Anyways. first night I break even , second night I win 3500, lose it all the same night, third day I go in a hole lose around 5000, fourth and last day I win 10k, super happy I have to catch my flight in a few hours have 10k in my pocket My trip is payed for and I have some priofits, my friend says let me hold your money you will go lose it i know it. I don’t listen to him and I go lose the 10k in 30 minutes of roulette, feel like complete scum again. So I get back home what do I do I go to the casino which I am banned from, and it spiral out of control, they don’t recognize me with my beard, I start going everyday. Skippping class to gamble, stop working out, lying to family and friends . I became numb to it. I used to get upset When I lost 500$, and fast forward to playing 500-1000$ hands of blackjack or spins of roulette. So I would go in and win 1000-5000$ per trip, then I would lose that much the next day or more , I was going up, down, down. Up. The wins kept me going back. So I tracked all of my gains and losses. One day I lost 15000 and I was devistated, I was gambling with my line of credit. I had to keep chasing and I got it down to -5000 a couple times, and then I stopped for 2 weeks. My sister and family was really proud of me. After 2 weeks I got the urge again and I went one night and won 1200$, I left because I said I don’t wanna feel that feeling of giving it all back. I went back couple days later and won 1500, again I left and went next day won 1600, then again 2 days later won 5000$. I was on cloud 9. I finally got back that 15000$ loss with a bit of profit, and I was so proud I told myself you did It. You got it back ! Now don’t go again , use this as a lesson that you got your money back, have savings again and not a lot of people are able to get back a loss. So few days go by until Saturday night i get off work and I have the urge to go back. Tell myself have a bankroll management , you’ve done well this week . Take a bit if profits once you’re up. Well. you all know what happens next, I never went up. I lost 6000 in less than 30 minutes, waited until midnight till I caj withdraw more . Took another 2000 climbed back up to 4000 so minus 2500’on the day, should have walked. Got greedy lost it all so 8000 on the day. In less than one hour. Walked out so ashamed as always self hate beating myself up how can I do this. I had gotten my loss back and was so proud and I gave it all back again. Of course woke up in the am took another 1000$ and climbed up a bit just to lose it all. Finally went up to the front of the casino I had enough I told the guy listen I am banned right now and I’ve won and lost over 50k this month I need you guys to re take pics of me within my beard because I am supposed to be banned right now. They did. I feel now a weights lifted off my shoulders but I am so ashamed how bad it got, how much money I’ve won and lost, how I will never see the $ again and how hard it will be to save all what I’ve lost working. I became numb. Insensitive . I wasnt even excited when I was winning anymore , the value of a dollar was gone. 1000$ hands of blackjack , like I was a millionaire. I am now starting from scratch financially but all I can think is at least I am not in debt. But still really hard to swallow what ive done this past month . My family is devistateD, my friends don’t understand my addiction . I guess I just needed to get my story off my chest. With hopes there is others who can relate to this. Maybe I needed to lose it all and re ban myself , because if I had kept winning, I would have kept gambling. And know I would just give it all back eventually.
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